Is a Mortgage Broker Right for You?
Some home buyers think their only choice in securing a mortgage is through their bank. This is not the only option. Look to a professional mortgage broker to secure the right mortgage.
If you’re unsure about what a mortgage broker is or why you should use one, the answer is easy. A Canadian mortgage brokers’ job is to represent you and your financial needs during the search for a mortgage. Without a professional mortgage broker to assist you in finding the lowest rates possible, you could waste thousands of dollars covering unnecessary mortgage costs.
Defining Canadian Mortgage Brokers
Simply put, a mortgage broker is hired by a borrower to assess interest rates and locate competitive mortgage rates based on the borrower’s requirements. The mortgage broker will also help the borrower choose the deal and secure financing. Mortgage broker definitions are sometimes confused with that of lenders. However, brokers act as the intermediary between lender and borrower, rather than the actual lender.
Professional mortgage brokers often work with multiple lenders; anywhere from dozens to hundreds. This entitles them to review various rates and mortgage deals. Their knowledge of mortgage packages enables them to uncover the best possible mortgage rates for their clients.
Reasons to Use a Mortgage Broker
Scouting banks for a mortgage that will suit your unique needs can take up more time than you have. Utilizing a Canadian mortgage broker can save you time, as well as money. It’s their job to examine and remain updated on mortgage packages and interest rates from chartered banks, trust companies, credit unions, and private funds – all you have to do is ask for their professional advice.
Taking advantage of a professional mortgage broker’s resources can provide you with more time and more importantly, more money to invest in your home search.
Advantages of Hiring a Canadian Mortgage Broker
The following are a few additional benefits to working with a mortgage broker:
- A professional mortgage broker will assemble all of the documents required. This can include credit reports, asset disclosures, and property appraisals.
- The lender will then receive the documents from your broker to manage the mortgage approval and disbursement.
- Brokers are replete with knowledge and information and are determined to help their clients. They are around to help before the deal, and are available to answer and question you might have during the pre-approval process.
- If you have less than 20% saved for a down payment, a mortgage broker can still help you find a competitive mortgage rate.
- If your credit isn’t flawless, a broker can even locate bad credit mortgage rates.
- Though it is not a requirement of Canadian mortgage brokers, they may be able to provide a client with credit counselling. Mortgage brokers are extremely knowledgable when it comes to financing – don't be afraid to ask for their advice!
Canadian mortgage brokers can save you time and money when hunting for the perfect mortgage. For more information contact one of our mortgage brokers today!